Withdrawals Have Been Halted on The Crypto-Staking Platform Freeway

Withdrawals from the cryptocurrency staking platform Freeway have been temporarily stopped. The website cited erratic FX and cryptocurrency markets as the cause of their measures. 

The Suspension of Its Investment’s Initiative

The project’s sudden change could signify that there will soon be another upheaval in the cryptocurrency industry. 

The cryptocurrency program offers supercharger investments. The website claims that superchargers can produce annual returns of up to 43%. 

It takes deposits in both fiat money and cryptocurrencies and then transfers those funds to authorized brokerage accounts.

Additionally, the website no longer accepts purchases and deposits. The notice sent out on October 23 made this clear. 

In addition, no Supercharger simulators will be purchased by the project. This will continue to be the case until their modified strategies have been applied.

Freeway is a lesser-known project from the perspective of the more major cryptocurrency sector. Additionally, the native Freeway (FWT) token of the platform lost around 80% of its value. This was a direct result of the unanticipated event. 

Before the calamity, the project had a market valuation of less than $70 million, but it is now just $10 million. The project’s website states a cumulative locked value of $160 million.

A Modest Cryptographic Task of Substantial Importance

On the other hand, there are currently no sizable whales hoarding the project’s tokens. Four thousand three hundred forty-two of its token holders received airdrops, which is the majority. This has kept the holdings mainly in an ideal condition.

Recent updates from the site indicate that the team is looking at other strategies. Diversifying its asset holdings and reducing its “exposure to future market changes and volatility” will be the new strategies. Conversely, it did not provide any further information.

Users will be notified when the project is prepared to restart partial Supercharger simulation purchases (buy-backs). The project disclosed this in an announcement. 

They continued by saying that at the conclusion, they will begin making complete Supercharger simulation purchases in addition to on-platform deposits and investments using Freeway Tokens (FWT).

But when the project’s administrator looked into the personnel files, this raised a huge red flag.

Everyone on the team is working hard, according to the project moderator. These attempts are being made to restart buy-backs of partial Supercharger simulations and restart complete Supercharger simulation purchases.\

Leave a Reply

Your email address will not be published.

Related

South Korea Implements Guidelines for Security Token Regulation

Adoption of Blockchain-based IDs Phasing Out Physical IDs Security Token Regulation South Korea’s Financial Services Commission (FSC) published new guidelines on Monday stating that FSC will regulate digital securities or blockchain-based tokenized assets according to the capital market rules. The highly anticipated regulations are to institutionalize with the legislators of the country’s National assembly laying […]

Post-Fed Analysis on Altcoins and Other Cryptos

Cardano’s bullish rise in the past days Bitcoin prices fallout Impact of the NFP Report on the cryptocurrency Cardano’s Bullish Rise Small coins have gained after the Central banks in Europe, and the UK decided to ease the hiking of high-interest rates.  Currencies such as Cardano increased in New York with gains above 2%, extending […]

What is Copy Trade and How It Works?

Copy Trade Intro Copy trade or copy trading is a type of trading in which one trader (the “follower”) automatically copies the trades of another trader (the “leader”). This is done through a copy trading platform, which connects the follower and leader and allows the follower to automatically copy the leader’s trades in real-time. How […]